Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Circular, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The Agency uses the 10 percent de minimis indirect cost rate for the Special Supplemental Nutrition Program for Women, Infants, and Children grant.
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state grant activity of El Centro del Barrio dba: CentroMed (the Agency) under programs of the federal and state governments for the year ended March 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CPR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance); and the State of Texas Single Audit Circular (Circular). Because the Schedule present only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flow of the Agency.
Title: WIC VOUCHERS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Circular, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The Agency uses the 10 percent de minimis indirect cost rate for the Special Supplemental Nutrition Program for Women, Infants, and Children grant.
The Agency has issued WIC vouchers valued at $9,180,230 for the year ended March 31, 2024, based on an average redeemed value. This amount of federal noncash support is not included in the Schedule. The Federal Assistance Listing No. is 10.557.
Title: RECONCILIATION OF SEFSA TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Circular, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The Agency uses the 10 percent de minimis indirect cost rate for the Special Supplemental Nutrition Program for Women, Infants, and Children grant.
The Agency’s schedule of expenditures of federal and state awards reflects expenses totaling $22,837,649, which is lower than the amount of Grant Fund Revenue on the FY24 financial statements of $27,991,474. The difference of approximately $5,153,825 are composed of other Grants which funds do not originate from a Federal or State agency or are not included in the SEFSA.